Venture Philanthropy Strategies to Support Translational Research Workshop Summary (2009) / Chapter Skim
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3 Legal, Accounting, and Process Issues
3 Legal, Accounting, and Process Issues
Pages 27-36
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From page 27... ...
Workshop participants offered key points of consideration and specific lessons learned, as well as provided legal and accounting models from their own experiences. Setting up any large organization is challenging and complex, and a large-scale translational research program is no exception.
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"A venture philanthropy fund has a double bottom line: one line is still return, but the other line is the social good that you are advancing," he explained. These two bottom lines exist in tandem because while the Internal Revenue Service requires one, a voluntary health organization's donors and constituents require both.
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Return on Investment The Colten Foundation will need to make a fundamental decision about its approach to investment returns: does it demand a return on investment from funded partners? Many foundations feel they should receive a return on the investment they made in academic research, said Kenneth Schaner, a lawyer in private practice with extensive venture philanthropy experience with the Cystic Fibrosis Foundation among others.
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Where available, the rapporteur has included relevant experiences shared by participants. Accountability Most voluntary health organizations live under clear mandates to use the organization's resources to pursue specific goals.
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What are the assumptions in the due diligence process? Intellectual Property Will the Colten Foundation have the rights to the new invention through some form of option, especially if the awardee does not use it after a particular time?
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Linda Van Eldik of Northwestern University Feinberg School of Medicine thinks most voluntary health organizations have made good progress in striking the balance between excessive micromanagement and loss of control. Clear goals, milestones, and continuous open communication are in place with several successful academic, industry, and foundation partnerships, she explained.
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Ultimately, the organization has to strike a balance between assuring the contracted company that it can hire the appropriate staff and having the right itself to get out of the program. Tool Sharing It is usually in the interest of a voluntary health organization that has developed various research and diagnostic tools to make them widely accessible to researchers in the field.
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The Spinal Muscular Atrophy Foundation has taken things a step further, actually prenegotiating material transfer agreements and sublicenses if it is required for research tools. Case Study: Fast Forward, LLC A thorough, process-driven funding decision matrix that involves extensive due diligence on the legal, financial, and scientific aspects of a potential opportunity is extraordinarily helpful, according to Timothy Coetzee of Fast Forward.
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. BOX 3-1 Key Points: Legal, Accounting, and Process Issues • Knowledgeable legal counsel and accounting support with real do main expertise is critical.
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